What happens to my warranty if GM files for bankruptcy?

— -- General Motors' potential bankruptcy filing is sure to prompt questions for the millions of consumers who own GM vehicles or for folks who are thinking about buying a new GM car or truck. Here are some questions and answers about how the filing could affect you:

Q: Will my car's warranty still be honored?

A: Yes, and extended warranties as well, says Steve Harris, General Motors' vice president of global communications. In addition to the company's backing, they have the federal government standing behind them. The government's Warranty Commitment Plan was announced in March to reassure buyers of General Motors and Chrysler vehicles that warranty claims would be honored during the companies' restructuring.

Q: What about my GMAC car loan?

A: Keep paying it. Nothing changes.

Q: Does a GM bankruptcy mean it now will be harder to obtain a loan on a car through GMAC?

A: The government invested $7.5 billion in financing arm GMAC about two weeks ago, in part to help it keep making loans on GM vehicles as well as on Chrysler vehicles.

As a result, says Harris, GMAC loans should be as available as ever. GMAC spokeswoman Gina Proia declined to comment until after the GM filing.

Q: Will I get a better deal buying a GM car after GM's bankruptcy filing?

A: You should wait a little. The deals will sweeten as the year wears on, advises Philip Reed, senior consumer advice editor at Edmunds.com. That's because GM is seeking to cut 1,550 dealers, and the process will become easier with a bankruptcy filing.

Dealers GM wants to cut now have franchise agreements that run through October 2010, giving them plenty of time to unwind inventory (compared with the 789 Chrysler dealers facing the ax by June 9).

But federal bankruptcy judges have wide latitude to override state dealer franchise protections if the company wants to shed the dealers sooner.

"It would be good to wait several weeks before you buy," Reed says.

Even at dealers scheduled to close, as shown by Chrysler's example, don't expect fire-sale deals on the most popular models, such as the GMC Acadia crossover.